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Valued Member
Silviaspeck
Posts: 34
Registered: ‎11-12-2012
0

Chance for me to be approved for auto loan?

Hello everyone,

I know I posted it about a month ago but when I went back to look at the post again, I felt like I could have added some more details. So instead of bumping an old thread, I created a new one.

Sorry if this caused any inconvenience of any sort.

So, here is my situation. I am looking for a car either 2013 subaru wrx or 2007-2009 subaru sti for around 25k range.

I won't really go in to details as to why I chose this car but I figured since I am now in NEED of a car and public transportation can no longer suit me all the time for my work, I might as well as get a car I will enjoy and safe for winter.

My credit history:

First credit card opened February of 2012 and 3 more opened around June to August of 2012.

Credit limits are:

Capital one secured: $600
Capital one unsecured: $500 (they said they will cli it to $800 on February
Amex zync: $500
Discover more: $1500

My total debt is around $500 which I can pay off right away and will do so before I apply for an auto loan.

Fico score pulled from this site shows 660 for experian and have not pulled other bureaus yet.

Currently at my job for 2 years and 2 months and annual income of 71k (last year and probably a little more this year)

Been at same address for little over 2 years as well and paying $900 for rent.

About 2 years back I made the mistake of overdrawing my chase check account and was reported to chexsystems but I have paid it off right away... Stupid mistake and I learned from it :smileysad: so I don't know if any credit union will approve me. (Does being on chexsystem affect approval for auto loan through credit union?)

I have never been late on my credit card payments yet and no prior auto loan history as I have always paid cash before.

Will I be approved? Total car before tax and other fees are about 25-26k probably around 29k after all tax and fees?

I will probably put down 3k and possibly do a little more but I do not want to have to dig in to savings....

How good of a chance do I have? High apr is fine as I'll probably deal with it for the first year or so and then refinance.

Help me out! :smileyhappy:

Starting Score: 597
Current Score: 732
Goal Score: 750


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Epic Contributor
Creditaddict
Posts: 21,609
Registered: ‎10-23-2007
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Re: Chance for me to be approved for auto loan?

Chex Systems for overdrawing and letting account sit and close and sent to collections?

You over draft today and don't pay until Friday that still won't get you to collections or chex systems??

 

The score is fine, but I assume you have never had an auto loan?

and did you mean EQ score from here? you are not getting an EX from here?

You should be find on a car loan but not sure about best rates and REALLY not sure about $25-$30k car loan first time but if new and at specific brand, finance managers can usually really help get things pushed through if they want.  once you start applying for loans, apply all over the place and let the dealer try to beat any rate you get... if you are not getting good rates, let dealer tell you first what they got, then say oh I have been shopping around and i have this .... if yours better, make them beat it... not match, beat it! and if you have choice of match or save .25% from going to dealer bank found or using your own bank... use your own! the relationship can only grow from a positive car loan over time.

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
65 Cards and Counting :smileytongue:
Valued Member
Silviaspeck
Posts: 34
Registered: ‎11-12-2012
0

Re: Chance for me to be approved for auto loan?

Sorry, wasn't clear about the chexsystem.

Basically I let it sit and eventually it went to collections then chexsystem. I paid chase directly and it doesn't show up as a negative on my credit reports though.

Also, yes, it's my mistake. I meant equifax and I just got a credit alert that it is now at 675 :smileyhappy:

I guess my biggest worry is the limited credit history especially with no prior auto loan.

I was thinking about applying to capital one and roadloans other sites such as lender tree and see what happens but didn't want to pull the trigger without getting some educated guesses from here.

Starting Score: 597
Current Score: 732
Goal Score: 750


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Valued Member
Silviaspeck
Posts: 34
Registered: ‎11-12-2012
0

Re: Chance for me to be approved for auto loan?

To add,

Is my problem getting a low apr? Or just being approved is the question?

Starting Score: 597
Current Score: 732
Goal Score: 750


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Epic Contributor
Creditaddict
Posts: 21,609
Registered: ‎10-23-2007
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Re: Chance for me to be approved for auto loan?


Silviaspeck wrote:
To add,

Is my problem getting a low apr? Or just being approved is the question?

it's tricky and sometimes I'm surprised!

I think it's going to be APR though...

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
65 Cards and Counting :smileytongue:
Valued Member
Silviaspeck
Posts: 34
Registered: ‎11-12-2012
0

Re: Chance for me to be approved for auto loan?

Thanks for your feedback. I really appreciate you taking your time to look in to this.

So I guess I can feel a little at ease with the approving part of my quest....

Starting Score: 597
Current Score: 732
Goal Score: 750


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Frequent Contributor
E150GT
Posts: 371
Registered: ‎12-30-2012
0

Re: Chance for me to be approved for auto loan?

capital one jsut gave my sister a loan at 5% which is lower than what I have and Im sure her credit is iffy.


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $18k
EQ-742 EX-702 TU-737
Valued Member
Silviaspeck
Posts: 34
Registered: ‎11-12-2012
0

Re: Chance for me to be approved for auto loan?

I don't think my credit is iffy... Just light.... Really light and that is what concerns me :smileysad:

Starting Score: 597
Current Score: 732
Goal Score: 750


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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Chance for me to be approved for auto loan?

I don't think you need to go deep subprime to get an auto loan as your credit profile is decent enough to fit in one of the lower tiers of a prime lender. You just won't get a great rate. I'm thinking you'll get a mid to low double digit interest rate.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Member
Silviaspeck
Posts: 34
Registered: ‎11-12-2012
0

Re: Chance for me to be approved for auto loan?

Thank you so much for that.  I feel so much better after hearing that. I will probably do my car shopping end of February or beginning of march and will keep you all posted :smileyhappy: thanks!!


Starting Score: 597
Current Score: 732
Goal Score: 750


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